iNVEZZ.com reported that spot silver was sluggish yesterday, moving just $0.03 for a close of $18.777 per ounce. The news outlet states that investors are waiting for today’s European Central Bank meeting and Friday’s release of US employment data.
As quoted in the market news:
Technical indicators suggest silver might be poised for a rebound. The price is more than 7.5 percent below its 200-day simple moving average, while its 14-day relative-strength index at 32.50 is much lower than the neutral level of 50. Some technical analysts see a dip below the 30 level as an indication that an instrument has become oversold, and that a reversal is likely.